The cryptocurrency market is seeing an influx of industries catering to the many clients who are embracing this digital revolution.

Bitcoin Payment processor is one such pivotal industry that has seen a lot of growth in the past few years especially since millions of crypto users are looking to pay for products using their digital coins, privately, and anonymously.

As a result, there have been numerous payment processors that have entered the space that offer their own unique benefits to their users.

In this article, we will look at some of the top bitcoin payments gateways that are currently available to users along with some of the key parameters.

One key distinction between various payment processors is based on how decentralized they are, a characteristic that is inherent in the cryptocurrency ecosystem.

Decentralized simply refers to the process of being free from central authoritative control. For a payment processor to be decentralized would mean:

• No identity verification — KYC/AML
• Non-custodial payments (payments are never in custody of a third party) — P2P [Peer-2-Peer]
• Slightly technical setup
• No fiat support

BTCPayServer, Blockonomics, MyCryptoCheckout fall in this category. With MyCryptocheckout offering an entirely decentralized experience along with the most altcoin support.

Centralized payment processors on the other hand offer a less technical setup but payments are usually held by third-party companies making them slightly risky.

Coinbase, BitPay, Coinpayments, Coingate, CoinRemitter are all categorized are centralized processors as they have access to user’s funds in some form or another.

Such processors usually make for a good choice for larger corporations that need strict KYC/AML compliance to avoid any form of misuse or foul play, plus they offer direct fiat settlements to avoid crypto volatility.

Companies that are looking for a decentralized experience with minimal account control are better suited for Blockonomics, BTCPay, GoURL, or MyCryptoCheckout.

From small/medium-sized firms that want to operate without any geopolitical restrictions to the many anonymous dealing in the dark web, all are well suited for these payment processors.

Let’s have a look at each of these payment processors and their features individually:

GoURL

GoURL is a 100% open-source cryptocurrency payment gateway that allows merchants to accept payments on their webstore.

They offer a WordPress Plugin and an API. For custom-made websites, GoURL offers API for various programming languages including PHP, JSON, C++, Java, etc.

→ KYC: No

→ Non-custodial: Yes

→ Fee: 1.5% for every transaction

Pros:

• 100% open source
• Direct-to-wallet
• Altcoin Support: BitcoinCash, BitcoinSV, Litecoin, Dash, Dogecoin, Speedcoin, Reddcoin, Potcoin, Feathercoin, Vertcoin, Peercoin, UniversalCurrency, MonetaryUnit
• Free Support
• Usage statistics
• Easy Setup
• Customizable payment gateways

Cons:

• Limited plugin options [only WordPress and API support]
• Technical knowledge needed for API integration and/or customization

Blockonomics

Blockonomics is a cryptocurrency payment gateway that offers support for Bitcoin [BTC] and Bitcoin Cash [BCH].

For BTC payments, it offers plugin integration for WordPress, Prestashop, WHMCS, Wix, Squarespace, and a Payment API for custom implementation.

Its additional services include a blockchain explorer, BTC invoice, and a Wallet Watcher

→ KYC: No

→ Non-custodial: Yes

→ Fee: 1% for every transaction

Pros:

• Direct-to-wallet
• 24X7 customer support
• Quick and easy setup
• Embedded payment widget [No redirects — same page payment]
• Secure and Private

Cons:

• No customization for plugins
• Limited altcoin support: BCH
• Technical knowledge needed for API integration

BTCPay Server

BTCPay Server is a self-hosted, open-source cryptocurrency payment processor.

For BTC payments, it offers plugin integration for WordPress, Prestashop, Magento, Drupal, Custom Integration, and API.

→ KYC: No

→ Non-custodial: Yes

→ Fee: 0%

Pros:

• Open Source
• Direct-to-wallet
• Altcoin Support [External setup]
• 24X7 customer support
• Secure and Private

Cons:

• Personalized support is paid
• Integration is technical and requires expertise

MyCryptoCheckout

MyCryptoCheckout is a crypto payment plugin designed for WordPress. It's a Peer-2-Peer gateway that allows merchants to receive payment directly to their wallets.

They support about 140+ altcoins in addition to bitcoin and boost a 0% transaction fee.

→ KYC: No

→ Non-custodial: Yes

→ Pricing:

• Free: 5 transactions per month
• Paid: $59/year — unlimited transactions

Pros:

• 140+ Altcoin support
• Easy Setup
• Fiat Autosetellments
• Embedded payment widget [No redirects — same page payment]
• Secure and Private

Cons:

• Only supports WordPress
• Limited Support

CoinRemitter

CoinRemitter is a Singapore global cryptocurrency payment processor/gateway service for online merchants who want to start accepting crypto coins as payment for their service or products.

In addition to their payment gateway, they offer a digital wallet, invoice generating, and coin swapping services.

Crypto payment plugins for eCommerce merchants are available for WordPress, Magento 2, Opencart, PrestaShop, Laravel, PHP, and REST APIs.

→ KYC: No

→ Non-custodial: No

→ Pricing:

• Free: 0.23% for crypto withdrawal
• Paid: $99.99/month + 0.23% for crypto withdrawal

Pros:

• Multiple plugin support
• Altcoin support: BCH, ETH, LTC, DOGE, TCN, DASH, USDT, BNB
• Secure and Private

Cons:

• Custodial payments

CoinPayments

One of the early names in the bitcoin payment gateway space, CoinPayments offers a crypto payment gateway and a multi-currency wallet.

They offer support for hundreds of cryptocurrencies and plugins for a variety of webstores making it one of the most comprehensive payment gateways in the market.

Additionally, they offer a POS interface, invoicing, and donation button.

→ KYC: Yes

→ Non-custodial: No

→ Pricing: 0.5%

Pros:

• Multiple plugin support
• 100+ altcoin support
• Secure and Private

Cons:

• Custodial payments
• Limited support options

CoinGate

CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any size.

Coingate provides support for multiple eCommerce CMS, including WooCommerce, Prestashop, Magento, WHMCS, OpenCart, and more, plus 100+ altcoin support.

They also offer merchant directory, gift cards, fiat buy/sell options.

→ KYC: Yes

→ Non-custodial: No

→ Pricing: 1%

Pros:

• Multiple plugin support
• 100+ altcoin support
• Secure and Private
• Lightning Network Support

Cons:

• Custodial payments

BitPay

One of the most popular names in the crypto payment space, Bitpay is perhaps one of the most used services when it comes to crypto payment e-commerce.

Established in 2011, Bitpay aims at providing customers with easy access to crypto with its innovative and user-friendly products.

They offer plugin support for almost every eCommerce CMS including, WordPress, Prestashop, Shopify, WHMCS, EDD, Magento, Drupal.

They have lately come under criticism for blocking certain funds resulting in the crypto community calling them a centralized organization.

→ KYC: Yes

→ Non-custodial: No

→ Pricing: 1%

Pros:

• Multiple plugin support
• Altcoin support: Bitcoin, Bitcoin Cash, Dogecoin, Ether, Gemini US Dollar, Circle USD Coin, Paxos Standard USD, Binance USD, Dai, Wrapped Bitcoin, and Ripple
• Secure and Private
• Fiat settlement support
• Lightning Network Support

Cons:

• Custodial payments
• Centralized company
• Non-anonymous

Coinbase

The biggest name in the crypto world, Coinbase has made its presence in almost every avenue, from wallets, to exchange to payment gateway.

Based in Silicon Valley, Coinbase boasts millions of worldwide users and billions of dollars in revenue.

Due to its size, Coinbase has come under immense criticism for being yet another overtly centralized company and not really following cryptocurrency's vision.

Coinbase offers support for WooCommerce and Shopify and charges no fee for crypto payments.

→ KYC: Yes

→ Non-custodial: No

→ Pricing: Free

Pros:

• Altcoin support: ETH, DAI, LTC, BCH, USDC
• Secure and Private
• Fiat settlement support
• Lightning Network Support

Cons:

• Custodial payments
• Limited plugin support
• Centralized company
• Non-anonymous

Conclusion

When it comes to choosing the right payment gateway there really isn’t a one size fits all approach, every business has its own sets of needs.

Various parameters such as centralized/decentralized, custodial/non-custodial, fiat conversion, altcoin support, pricing, plugins, all play a role in deciding the right payment gateway for your company.

Top industry names include Coinbase and BitPay who have been around as long as bitcoin itself and have established a strong market presence but lack in providing a decentralized and anonymous experience to its customers.

Companies such as Coinremitter, Coingate, CoinPayments have managed to provide users with a user-friendly product with multiple plugin options and tons of altcoin support.

If you are looking for a decentralized and anonymous experience then go for BTCPay Server, Blockonomics, GoURL, or MyCryptocheckout.

Originally posted on Blockonomics